Customer Experience transformation in the Insurance Industry

By | March 20, 2016

When you think of insurance what comes to mind ?

Personally, for me, it is about statements , impersonal call centre conversations, and engagements with repair staff following a car accident . However slowly this is changing. One of my favourite apps, Bupa Switch, allows my family to make better decisions, swapping out food brands swimming with sugar, for healthier options. A health insurance company who wants me to be healthy – surely not?

Today’s demanding consumer – like me – are insisting on a whole lot more for their dollar – from incremental value add, through to customer experiences which dazzle and delight.

Let’s take a look at Car Insurance Companies. Crippled by rising costs and demands for service excellence, they are finding that if they can tie their enterprise data with weather data, they are able to accurately predict when an area is about to be hit with a hail storm. Then, using geo spacial technology, they can now send out immediate alerts to insurance holders who have their cars parked in that area. Imagine the cost savings for the insurance company in protecting damage – and the revenue gain achieved through happier more loyal customers.

Then there is the life insurance company who can link health and fitness apps, in order to reward premium awards to holders who are living a healthy and balanced life style. Providing education, incentive and encouragement to live a long and prosperous life, whilst providing the peace of mind of financial security should the unexpected happen. It is extremely difficult for life insurance companies to form a bond with their customers. Let’s face it; no one wants to think about the end of life. Yet through technological advances, it is now possible for life insurance companies to move into the business of helping people live their lives to the fullest, and in that moment, changing the customer experience from a conversation of dread, to a conversation of empowerment and happiness, creating and improving customer engagement.

Home insurance for me has always been hard work. Lots of calls with customer service to add items, agree to revised price, exchange contracts and put the new insurance level in place. Finding time to make a call is hard enough – and then when you do call there are lengthy delays. Imagine being able to take photos of your property and load the images on your mobile app, with an estimated or suggested value. Then imagine you are shopping for a high value item and want immediate insurance. You simply take a photo and provide the value, and the new insurance is automatically calculated. Then using BPay or your preferred banking app, you automatically transfer the funds and the insurance is in place. Or perhaps you typically increase your insurance each year, due to new investments in your property, and your app recommends new insurance levels for you leveraging personal historically and predicted future behavioural change data. Even better what if the app suggested items that are likely to be heavily devalued and should have coverage reduced or removed, which results in fabulous savings for you!!! Improving the customer experience, whilst providing incremental value is possible when you know, understand, learn and adapt with your customer.

And of course, each example is something which could be done now !

What inspires me most about these examples of innovation in insurance companies that is possible today, is that these demonstrate ways in which the marketing team can move the customer experience from a contractual engagement to a value add relationship .

There is no doubt industries such as insurance are experiencing significant disruption. And as a marketing professional and holder of many insurance policies, I’m excited to see how this develops into a better product and service for consumers.

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Michelle Zamora is a Marketing Leader with a passion for business strategy, data, content, customer insights and engagement, and developing awesome talent.

She shares images on moments and people who inspire on Instagram, links to articles and content recommended on Twitter, and shares her professional story on LinkedIn.